Projected Cola Increase For 2024 In Canada. In 2024, seniors got a 3.2% cola, and in 2022 and 2023, colas were 5.9% and 8.7%, respectively. Social security benefits for millions of people will rise by an average of over $50 a month starting in january, thanks to the social security administration’s 3.2%.
Data for 2024 cover the months of january through july. Canadian employers are projecting, on average, 3.3 per cent for merit increase budgets and 3.7 per cent for total increase budgets in 2024, compared to 3.6.